Egypt and European Development Partners sign Umbrella Agreement for Gulf of Suez Windfarm

On the 24 November 2016, Within the framework of development cooperation in the field of renewable energy, the European Union (EU) and European Development Partners have jointly signed an Umbrella Agreement with the Arab Republic of Egypt to secure financing and pave the way for implementation of a new large-scale windfarm in the Gulf of Suez area in Egypt.

The project budget amounts to 343 million Euros, of which 267 million Euros are planned to be provided by the European Development Partners: The EU will provide a grant of 30 million Euros and the Egyptian government has allocated 78 million Euros to the Gulf of Suez windfarm project. The Gulf of Suez project will be implemented by Egypt’s New and Renewable Energy Authority (NREA) and is expected to have a total installed capacity of at least 200 MW commissioned by the end of 2019. .